Assenagon Asset Management S.A. Sells 42,624 Shares of Ribbon Communications Inc. (NASDAQ:RBBN)

Assenagon Asset Management S.A. lessened its stake in Ribbon Communications Inc. (NASDAQ:RBBN) by 35.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 78,330 shares of the communications equipment provider’s stock after selling 42,624 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Ribbon Communications were worth $307,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Ribbon Communications by 33.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 476,868 shares of the communications equipment provider’s stock valued at $1,984,000 after acquiring an additional 119,266 shares during the period. ProShare Advisors LLC grew its stake in Ribbon Communications by 49.1% in the fourth quarter. ProShare Advisors LLC now owns 25,782 shares of the communications equipment provider’s stock valued at $107,000 after acquiring an additional 8,485 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Ribbon Communications by 4.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,584 shares of the communications equipment provider’s stock valued at $219,000 after acquiring an additional 2,288 shares during the period. Lazard Asset Management LLC grew its stake in Ribbon Communications by 402.1% in the fourth quarter. Lazard Asset Management LLC now owns 52,588 shares of the communications equipment provider’s stock valued at $218,000 after acquiring an additional 42,115 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its stake in Ribbon Communications by 4.3% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 426,932 shares of the communications equipment provider’s stock valued at $1,776,000 after acquiring an additional 17,556 shares during the period. Institutional investors own 70.92% of the company’s stock.

Ribbon Communications Stock Down 0.8%

RBBN stock opened at $3.86 on Friday. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.39 and a quick ratio of 1.13. The stock has a market capitalization of $681.44 million, a P/E ratio of -13.31 and a beta of 1.31. The business has a 50-day moving average of $3.56 and a 200-day moving average of $3.93. Ribbon Communications Inc. has a fifty-two week low of $2.75 and a fifty-two week high of $5.38.

Ribbon Communications (NASDAQ:RBBN) last posted its quarterly earnings data on Tuesday, April 29th. The communications equipment provider reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.04). The firm had revenue of $181.28 million for the quarter, compared to analyst estimates of $191.66 million. Ribbon Communications had a positive return on equity of 6.76% and a negative net margin of 6.00%. The firm’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the prior year, the company earned ($0.01) earnings per share. On average, sell-side analysts anticipate that Ribbon Communications Inc. will post 0.18 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RBBN has been the subject of a number of research analyst reports. Rosenblatt Securities reissued a “buy” rating and issued a $5.50 target price on shares of Ribbon Communications in a research note on Wednesday, April 30th. B. Riley decreased their target price on Ribbon Communications from $7.50 to $6.00 and set a “buy” rating for the company in a research note on Wednesday, April 30th. Finally, Wall Street Zen cut Ribbon Communications from a “buy” rating to a “hold” rating in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.88.

About Ribbon Communications

Ribbon Communications Inc provides communications technology in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. It operates through two segments, Cloud and Edge, and IP Optical Networks. The Cloud and Edge segment provides software and hardware products, solutions, and services for voice over internet protocol communications, voice over long-term evolution, and voice over 5G communications, and unified communications and collaboration.